中文摘要：

风险投资既能缓解创业企业融资困难,又能为创业企业提供管理支持和资源整合等附加价值服务。以2009-2014年中国创业板上市企业为研究样本,构建行业专业化投资强度指标,实证检验我国风险投资机构行业专业化投资强度与目标企业研发创新能力的关系。研究发现,无论从研发创新资源（研发投入强度、研发人员占比）还是研发创新成果（授权专利数）角度,风投机构行业专业化投资强度对目标企业研发创新能力都具有显著正向影响。进一步研究发现,风投机构行业专业化投资强度与目标企业研发创新成果（授权专利数）呈倒＂U＂型关系。最后,从风险投资机构投资策略选择、目标企业融资决策以及创业板审核监管机制3个方面提出对策建议。

英文摘要：

The firtns Iktpl on Chingfe GEM from 2009 to 20M have boon used as research samples in this paper. It builds the intensity index of industry specialization investtoeiit and demonstrate the relationships betwecn intensity of the VC＇s in-dustry specialization investment and innovation capability of the target firms. Result shows that intensity of VC＇s industry specialization infestment has extremely positive impact on innovation capability of the target firms from both an aspect of innovation resource, （R＆D strength, R＆D staff ratio） and innovation acMevemeftS （authorized patents）. Further study shows tbat intensity of the VC＇s indilstry specialization investment has an inverted U-shaped effect on innovation otiicomfi （numbers of tbe authorized patents） of tbe target firm. On the basis of the Conclusion, some suggestions towards the in vestment strategy choice of VC institutions, finaacing decisions of target firms and tke supervision mechanistti of GEM audit have been proposed in this paper.